As general artificial intelligence increasingly integrates with the physical world, embodied intelligence has become the ultimate battleground for global technological competition. If large models represent the "brain" providing logic and thought to machines, then the sensory system, with visual perception at its core, is the essential ticket for machines to interact with the real world. For a long time, market valuations of the robotics industry have often focused on the precision of mechanical structures or the power of computing chips, overlooking a fundamental fact: if a robot cannot accurately "see" and understand its environment, all intelligent decision-making becomes baseless. It is at this pivotal moment of generational shift in industry logic that LDROBOT (01236), styling itself as the "first stock in robotic visual perception," has initiated its Hong Kong listing process. The public offering will run from April 30 to May 6, 2026, with plans to issue 33.3334 million shares globally. The final offer price will not exceed HK$30.00 per share, with a board lot size of 200 shares. Trading on the Stock Exchange is expected to commence on May 11.
As a pioneer in robotic visual perception, LDROBOT's prospectus not only reveals a steadily growing financial trajectory but also presents a compelling narrative to the capital markets: the company has successfully transformed from a pure hardware supplier into a platform-based enterprise strategically positioned as the "visual perception foundation" for intelligent robots.
The company's claim to being the "first stock in robotic visual perception" is rooted in its deep strategic positioning within the LiDAR and spatial perception algorithm sectors. According to the prospectus, the company launched the world's first consumer-grade Mini dToF LiDAR in 2020, breaking the application bottleneck of high-performance perception technology due to high costs and deeply applying advanced dToF technology to consumer scenarios. By 2025, the company's dToF LiDAR shipments had exceeded 720,000 units, ranking first in the industry. This figure not only demonstrates market share but also reflects technological maturity and large-scale engineering capabilities.
LDROBOT's visual perception product matrix covers two core areas: sensors and algorithm modules. The synergistic effect of this "integrated hardware and software" approach creates strong customer stickiness with top global clients. During the track record period, the company served seven of the world's top ten home service robotics companies and all of the top five commercial service robotics companies globally. This comprehensive endorsement by leading clients signifies that LDROBOT's perception foundation has, to some extent, become an industry standard.
The deeper logic lies in the fact that the company's visual perception is not merely about stacking hardware, but involves deep mining and iterative optimization of vast amounts of scenario data. Leveraging application feedback from nine million robots, LDROBOT continuously refines its multi-modal perception and AI spatial perception algorithms. This evolutionary capability, based on closed-loop data, forms a "data and algorithm moat" that is difficult for competitors to surpass in the short term.
From a financial perspective, the visual perception business, as the company's primary growth driver, demonstrates powerful economies of scale. From 2023 to 2025, revenue from the world's top ten home service robotics companies showed explosive growth, reaching RMB 61 million, RMB 147 million, and RMB 201 million, respectively. Concurrently, the retention rate for key accounts reached 100.0% in 2025, with a net revenue retention rate remaining high at 133.0%. This data reveals a core achievement: LDROBOT has successfully transitioned from a "one-time hardware sale" model to an "infrastructure enablement" paradigm. Once downstream manufacturers select LDROBOT as their perception foundation, the switching costs are extremely high. This platform-based positioning allows the company to achieve predictable growth alongside the overall expansion of the robotics industry.
Furthermore, the company's self-developed AutoPack general robotics development platform is a key differentiator for its technology productization efficiency. This platform employs a modular design, enabling rapid adaptation of various sensors and solution configuration. The completeness of its underlying toolchain significantly shortens the development cycle for entering new fields and creating new products. In an era of increasing perceptual complexity, companies offering a closed-loop solution from underlying sensors to upper-layer algorithms and a general development platform are rare globally. This full-stack technological储备 provides LDROBOT with a first-mover advantage as robotics evolves from automation towards the AI-driven era of embodied intelligence.
While the visual perception business forms the company's survival foundation, the mass production of intelligent robotic lawn mowers has unlocked significant valuation potential. The robotic lawn mower industry is currently at a technological inflection point, transitioning from traditional "boundary wire" solutions to "wire-free, intelligent" SLAM-based solutions. This plays directly into LDROBOT's core technological strengths. By applying its accumulated visual perception technology, multi-modal fusion navigation, and AI large model recognition algorithms to this new domain, LDROBOT successfully launched its own brand, Anthbot, quickly gaining traction in markets like Europe, the US, and Australia. Data strongly supports the robustness of this second growth curve: in 2024, sales of its first-generation intelligent mower surpassed 10,000 units; in 2025, the second-generation product entered mass production, and with the integration of AI model-based scene recognition and boundary detection algorithms, its scene adaptability significantly improved, with annual sales surging to over 36,000 units. Financially, revenue from the mower business rapidly climbed from being negligible in 2023 to RMB 137 million in 2025, increasing its share of total revenue from less than 0.1% to 18.3%. Crucially, the gross profit margin for the mower business reached 42.3% in 2025, far exceeding the average for sensor components, directly enhancing the company's overall profitability.
The global market for intelligent robotic mowers holds immense potential, particularly in Europe and North America, where labor costs are high and gardening culture is prevalent. Traditional random-collision or boundary-wire mowers offer a poor user experience. LDROBOT addresses core pain points—such as operation under complex outdoor lighting, dynamic obstacle avoidance, and boundary recognition—using its proprietary high-precision dToF LiDAR, RTK positioning technology, and 360-degree perception systems. This "vertical integration" strategy, based on in-house core technology, grants the company high autonomy in product definition, enabling it to offer superior performance compared to competitors while achieving stronger cost competitiveness through deep supply chain integration. In January 2026, the company launched its third-generation mower, which not only integrates a self-developed 360-degree LiDAR for perception but also expands functionality from simple "mowing" to integrated "grass clippings and leaf collection" maintenance, demonstrating keen market insight following its brand's international expansion. To support its global strategy, LDROBOT has established operational centers in locations like Singapore and Germany and formed manufacturing partnerships in Vietnam. This global R&D, production, and sales network helps mitigate potential risks from international trade policies and provides organizational support for deeper penetration into high-value overseas markets.
From an investment perspective, LDROBOT's value growth logic is clear. On one hand, its visual perception technology serves top global robotics clients, allowing it to share in the long-term红利 of industry智能化, providing stable cash flow expectations and technological barriers. On the other hand, breakthroughs in whole products like robotic mowers facilitate a transition from a "B2B component supplier" to a "global technology brand," significantly enhancing valuation elasticity and moat width. Although the company is still in an investment phase and reports net losses, its adjusted net loss margin has narrowed substantially from 20.2% in 2023 to 3.5% in 2025, while the gross margin has steadily risen to 25.7%. This rapid loss reduction, coupled with a high revenue compound annual growth rate of 64.4%, indicates that a profitability inflection point is near.
LDROBOT now stands at the convergence of robotic perception infrastructure development and the explosion of home service robotics. It is not merely a manufacturer of the "eyes" for intelligent robots but an indispensable perception hub within the embodied intelligence ecosystem. Following the completion of its Hong Kong IPO, the raised capital will further strengthen investments in AI functional algorithms, production capacity expansion, and brand building. Leveraging its dual-drive model of "perception foundation + vertical depth in whole products," LDROBOT is poised to fully realize its technological value as capital value in the expansive era of robotics.